Gold price plummets Rs6,200 per tola in Pakistan

May 23, 2024 (MLN): Gold prices in Pakistan plunged on Thursday in line with international rates, with 24-karat gold falling Rs6,200 to Rs242,000 per tola.

It is worth noting that the price has been kept a significant Rs4,000 below its actual cost today due to a significant reduction in purchasing power.

The Karachi Sarafa Association further reported the price of 24-karat gold at Rs207,476 per 10-gram, down by Rs5,315.

Similarly, the price of 22-karat gold was quoted lower at Rs190,186 per 10-gram.

Moreover, silver prices also declined in the domestic market, with 24-karat silver being sold at Rs2,800 per tola and Rs2,400.54 per 10-gram, a fall of Rs50 per tola and Rs42.87 per 10-gram.

On the global front, international spot gold slid off from recent record highs to $2,364 an ounce, down 0.62% on the day. This is on top of a 1.74% fall on Wednesday.

The Federal Reserve's most recent policy meeting indicated officials would keep interest rates higher for longer as they struggle to bring inflation down to target.

Moreover, China’s bullion imports slowed last month as demand in the world’s biggest consumer begins to buckle in the face of record prices.

Overseas purchases of physical gold fell to 136 tons in April, a 30% decline from the previous month and the lowest total for the year, according to the latest customs data.

International silver also fell to $30.5 an ounce.

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